They are the little and large of sport - while Bolt stands 1.95 metres, Biles measures just 1.45 metres - but they were both giants at the Rio Olympics, and enjoyed an ecstatic welcome as they received their statuettes here, the birthplace of the first ever Laureus awards 17 years ago.
Bolt, who won this award in 2009, '10 and '13, walked away with the 'Oscar of Sports' for the fourth time, thereby joining tennis legends Roger Federer and Serena Williams, and surfer Kelly Slater as four-time Laureus award winner.
Bolt received his award from legendary Michael Johnson, who urged him not to break other people's records. To which Bolt responded by saying "sorry". I am sorry to have broken your record," Bolt told Johnson.
"Thanks for the wonderful award. Laureus is one of the biggest awards for me. This is my 4th award and to be equalling it with someone like Roger Federer is great. I am kin great company. It is special," he added.
Olympic gymnastics champion Biles notched up the 'Sportswoman of the Year' trophy, riding on her brilliant achievement at the Rio Games last year, where she finished with four yellow metals and a bronze.
The most decorated Olympian of all-time, Michael Phelps bagged the 'Comeback of the Year' award after returning to the swimming pool and scooping five more gold medals.
After the 2012 Olympics, Phelps retired from swimming but came out of the retirement and subsequently at the Rio Games last year, he bagged as many as five gold medals and a silver.
"Looking back at my career today, I can say that Rio was my greatest race," said Phelps after getting the award.
Formula One champion Nico Roseberg claimed the 'Breakthrough of the Year' award. He ended runner-up in 2014 and 2015 but finally won the title last year.
Roseberg said that the last two laps in Abu Dhabi was the "most sensational moment in my racing career."
"I am really happy to have won the 'Oscar of Sports'. The last two laps in Abu Dhabi, I didn't know if my life's dream was coming true. That stands second behind my wife giving birth to our girl," said Roseberg.